Are you eligible for the $30,000 instant asset write-off?

Did you know that if you're a small business or even a business with a turnover from $10m to less than $50m you're entitled to an instant asset write-off up to $30,000?

Of course there are if's and but's involved - so we recommend you check with your accountant or read up more on the ATO website - but's here's the bare basics:

You must meet the criteria set by the government that designates you a small business or other eligibility criteria

Each indiviual asset must cost less than the instant asset write-off threshold amount (including gst). If they cost more then the claim cannot be immediate it is deducted over time under different depreciation rules

The asset must be purchased and used in the year the write-off is claimed

The $30,000 limit applies to each asset purchased and is not limited to one asset, it can be applied to each asset purchase

Certain maximum claim amounts apply depending on the date the asset was purchased and first used.

$30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020

$25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019